Watermark on a paper



The FIGURE is a front view of the watermark on a paper, it being understood that the broken line showing of the outline of the paper is for illustrative purposes only and forms no part of the claimed design.

The surface(s) or portion(s) of the article not shown in the drawing or described in the specification form(s) no part of the claimed design. 

The ornamental design for a watermark on a paper, as shown and described. 